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    Interim Mayor Todd Gloria commented on the San Diego City Employees' Retirement System Board's decision to approve a new 7.25% discount rate. This will increase the city's annual payment to SDCERS by approximately $12 million. While reducing risk for SDCERS, Gloria would have preferred using those funds for neighborhood services. He will include the increased costs in the city's upcoming Five-Year Financial Outlook.

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    Interim Mayor Todd Gloria commented on the San Diego City Employees' Retirement System Board's decision to approve a new 7.25% discount rate. This will increase the city's annual payment to SDCERS by approximately $12 million. While reducing risk for SDCERS, Gloria would have preferred using those funds for neighborhood services. He will include the increased costs in the city's upcoming Five-Year Financial Outlook.

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    Interim Mayor Todd Gloria: News From City of San Diego

    Uploaded by

    api-63385278
    Interim Mayor Todd Gloria commented on the San Diego City Employees' Retirement System Board's decision to approve a new 7.25% discount rate. This will increase the city's annual payment to SDCERS by approximately $12 million. While reducing risk for SDCERS, Gloria would have preferred using those funds for neighborhood services. He will include the increased costs in the city's upcoming Five-Year Financial Outlook.

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    News from

    Interim Mayor Todd Gloria


    City of San Diego
    STATEMENT
    For immediate release: November 8, 2013 Contact: Katie Keach, 619-235-5268

    Citys Payment to SDCERS to Increase by Approximately $12 Million Interim Mayor Gloria Comments on the Impacts of Todays Vote
    SAN DIEGO, CA (November 8, 2013) Interim Mayor Todd Gloria today commented on the decision of the Board of the San Diego City Employees Retirement System (SDCERS) to approve a new discount rate of 7.25%. The Citys payment to SDCERS will increase by approximately $12 million. While the decision reduces risk for SDCERS, I would have preferred having those funds for needed neighborhood services, said Interim Mayor Gloria. I will factor this reality into the Five-Year Financial Outlook, which I will release on November 14. The rate change increases the Citys Annual Required Contribution by about $14 million. After factoring in inflation and savings from the five year labor contracts, the net impact will be an increased payment by the City of approximately $12 million. ###

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